To get to the BIOS, you should only have to press DEL at bootup.
As for SATA, I know that you may need to install drivers before you can install drivers since Windows can't recognise those drives straight away. I don't know too much about that though.
I'd assume though the way you are fitting it is right
EDIT* Wow, in the time I posted this, 2 posts had already been done...
I don't know about the lights I'm afraid... though I have a green to suggest power, and a red to suggest things are in right I think, or that a chips working.